| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $437M | $403M | — | 8.3% | — |
| Op. Income | -$48M | -$79M | — | 38.6% | — |
| Gross Margin | -0.6% | -6.0% | — | 5.4pp | — |
| Net Margin | -32.7% | -25.0% | — | -7.6pp | — |
| EPS (Diluted) | $-0.88 | $-0.60 | — | -46.7% | — |
| Free Cash Flow | $13M | -$33M | — | 138.6% | — |
| Item | Amount |
|---|---|
| REVENUE | $437M |
| Cost of Revenue | $439M |
| GROSS PROFIT | -$3M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $43M |
| Other Expenses | $3M |
| Operating Expenses | $46M |
| Cost & Expenses | $485M |
| OPERATING INCOME | -$48M |
| Interest Income | $0 |
| Interest Expense | $33M |
| Other Income/Expenses | -$90M |
| INCOME BEFORE TAX | -$138M |
| Income Tax Expense | $3M |
| Net Income from Continuing Ops | -$141M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$143M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$144M |
| D&A | $103M |
| EBIT | -$48M |
| EBITDA | $54M |
| EPS | -$1 |
| EPS Diluted | -$1 |
| Item | Amount |
|---|---|
| Net Income | -$143M |
| Depreciation & Amortization | $103M |
| Stock-Based Compensation | $0 |
| Deferred Income Tax | $2M |
| Other Non-Cash Items | $66M |
| Change in Working Capital | $21M |
| OPERATING CASH FLOW | $50M |
| Capital Expenditure | -$37M |
| Acquisitions (Net) | $900.0K |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | $0 |
| NET CASH FROM INVESTING | -$36M |
| Net Debt Issuance | -$48M |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | -$2M |
| NET CASH FROM FINANCING | -$49M |
| FREE CASH FLOW | $13M |
| Net Change in Cash | -$35M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $23M |
| Short-Term Investments | $0 |
| Net Receivables | $287M |
| Inventory | $151M |
| Other Current Assets | $23M |
| TOTAL CURRENT ASSETS | $484M |
| PP&E (Net) | $1.6B |
| Goodwill | $290M |
| Intangible Assets | $112M |
| Long-Term Investments | $0 |
| Tax Assets | $29M |
| Other Non-Current Assets | $40M |
| TOTAL NON-CURRENT ASSETS | $2.1B |
| TOTAL ASSETS | $2.6B |
| Account Payables | $299M |
| Short-Term Debt | $195M |
| Deferred Revenue | $0 |
| Other Current Liabilities | $104M |
| TOTAL CURRENT LIABILITIES | $597M |
| Long-Term Debt | $876M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $12M |
| Other Non-Current Liabilities | $92M |
| TOTAL NON-CURRENT LIABILITIES | $1.1B |
| TOTAL LIABILITIES | $1.7B |
| Common Stock | $2M |
| Additional Paid-In Capital | $1.3B |
| Retained Earnings | -$610M |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | $0 |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $786M |
| Minority Interest | $94M |
| TOTAL EQUITY | $881M |
| TOTAL LIABILITIES & EQUITY | $2.6B |
| Total Debt | $1.2B |
| Net Debt | $1.2B |
